Update on Katoro Gold PLC: Imweru Gold Project

RNS Number : 6546G

Kibo Mining Plc

31 May 2017

 

Kibo Mining Plc (Incorporated in Ireland)

(Registration Number: 451931)

(External registration number: 2011/007371/10)

Share code on the JSE Limited: KBO 

Share code on the AIM:KIBO

ISIN:  IE00B97C031

("Kibo" or "the Company")

 

31 May 2017

Update on Katoro Gold PLC: Imweru Gold Project

Kibo Mining plc ("Kibo Mining") (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development company, would like to draw shareholders' attention to the announcement released by Katoro Gold plc ("Katoro") at 7am today, regarding progress at the Imweru Gold project in Tanzania.

The body of the announcement released by Katoro is reproduced below:

Katoro Gold plc (Incorporated in England and Wales)

(Registration Number: 9306219)

Share code on AIM: KAT

ISIN: GB00BSNBL022

("Katoro" or "the Company")

 

31 May 2017

Work on Imweru Gold Project Commences

Katoro Gold plc ("Katoro" or the "Company") (AIM: KAT), the Tanzania focused gold exploration and development company, is pleased to announce that development work on the Imweru gold project in Tanzania has officially commenced. Operational teams were deployed to site over the past week and the first drill rig is expected to arrive on 1 June 2017. With the site and drill pad preparation already complete, drilling will commence immediately once the rig arrives on site.

Louis Coetzee, Executive Chairman of Katoro commented: "We are extremely pleased with the successful and rapid start of work on the Imweru project. As a result, we are now two months ahead of our previous work programme schedule which initially indicated that drilling would commence in Q3 2017. With this, the capability and capacity of the project team who are responsible for executing the Imweru work program, is also clearly demonstrated." 

-ENDS-

Enquiries

Kibo Mining plc	[phone]
Louis Coetzee
River Group	[phone]
Andreas Lianos
Beaufort Securities Limited	[phone]
Jon Belliss
RFC Ambrian Limited	[phone]
Andrew Thomson
Bell Pottinger	[phone]
Liz Morley
Anna Legge

Kibo Mining - Notes to editors

Kibo Mining is listed on the AIM market in London and the AltX in Johannesburg.  Kibo Mining is focused on exploration and development of mineral projects in Tanzania, and controls one of Tanzania's largest mineral right portfolios. Tanzania provides a secure and stable operating environment for the mineral resource industry and Kibo Mining therein.

Kibo Mining holds a thermal coal deposit at Mbeya, which has a significant NI 43-101compliant defined resource, and is developing a 250-350 MW mouth-of-mine thermal power station, the Mbeya Coal to Power Project ("MCPP"), previously called the Rukwa Coal to Power Project ("RCPP"), with an established management team that includes ABSA / Barclays as Financial Advisor. Kibo has completed a Coal Mining Definitive Feasibility Study and a Power Pre- Feasibility Study for the Mbeya project and has recently announced the completion of an Integrated Bankable Feasibility Study report for the project. On 25 August 2016, Kibo signed an Agreement with China based EPC contractor SEPCO III granting it the right to become the sole bidder for the EPC contract to build the power plant component of the MCPP in exchange for SEPCO III refunding 50% of the development costs incurred by Kibo to date on the project. Kibo has already received the first tranche of this funding in the amount of US$1.8 million on the 5th September 2016 and signed an EPC contract with SEPCO III on the 19th December 2016.

Kibo also holds the Haneti Project on which the latest technical report confirms prospectivity for nickel, PGMs, gold and strategic metals including lithium.

Kibo Mining's projects are located in central Tanzania and in the Mtwara Corridor in southern Tanzania where the Government has prioritized infrastructural development attracting significant recent investment in coal and uranium. Kibo Mining has a positive working relationship with the Tanzanian government at local, regional and national levels and works hard to maintain positive relationships with all communities where company interests are held. Kibo Mining recognizes the potential to enhance the quality of life and opportunity for Tanzanian citizens through careful development of its projects.

Updates on the Kibo Mining's activities are regularly posted on its website www.kibomining.com.

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").

Johannesburg 31 May 2017

Corporate and Designated Adviser River Group

 

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